Moi Vela, a former senior advisor to President Joe Biden, shared his thoughts on the potential role of cryptocurrencies in tonight’s presidential debate.
The presidential debate between incumbent President Joe Biden and former President Donald Trump is perhaps the most televised event of the year. For cryptocurrency enthusiasts, the debate comes at a time when digital assets like Bitcoin (BTC) and Ethereum (ETH) have become hot topics in Washington.
In addition to approved BTC ETFs, the expected approval of ETH ETFs, and cryptocurrency laws like FIT 21, Grayscale Investments and The Harris Poll report that “nearly half of likely U.S. voters believe some portion of their future investment portfolio will include cryptocurrencies.”
Will cryptocurrencies come into the discussion?
Unicoin senior advisor Mo Villa told crypto.news in an interview that the moderators may not answer questions about cryptocurrencies, but he expects at least one candidate to comment on cryptocurrencies in some way.
As previously reported, Trump has said that Bitcoin mining could be an antidote to proposed central bank digital currencies. Trump has declared that all Bitcoin mining should be done in the United States and has dubbed himself the “Cryptocurrency President.”
Although Trump has seemingly rebranded his candidacy as pro-crypto, the former US president has made skeptical statements in the past. In 2021, Trump called Bitcoin a scam that had affected the value of the US dollar.
Vela noted that Trump’s retreat from cryptocurrencies could be a “political threat.” However, the former White House adviser stressed that “candidates and their campaigns should soon be clear about what kind of regulatory environment they will develop and implement.”
Under the Biden administration, government agencies like the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have tightened the noose around cryptocurrencies in an attempt to protect investors from risky investments.
“Regulators and government agencies can often be overzealous in their oversight roles,” Villa comments, and “regulators that deny the facts and use regulations to obstruct, discourage, dismantle or destroy an industry pose a significant risk.”
With the litigation strategy for digital asset oversight coming under heavy criticism from industry advocates, the Biden administration has also issued an executive order mandating a whole-of-government approach to crypto policies.
Carol House, one of the authors of President Joe Biden’s executive order, recently returned to the White House ahead of the election, and Villa believes this development signals the current regime’s recognition of the essential role of cryptocurrencies in America’s future.
Whatever the case, as cryptocurrencies become more entrenched in American society, Vela stressed that leaders must balance their support for the sector with their support for consumers in favor of innovation and investor freedom.